BTC Looks to be hugging the red ichimoku cloud bottom and on a downward channel trend. If a bullish engulfing candle into the red cloud occurs, set stop loss to slightly below the cloud bottom, and enter a long with a target of the top of the red cloud, or slightly below it.
If there is no strong cloud entry, and a breakdown happens of 10350 (teal), look to the support levels of the fib retrace, particularly 10077 or so (pale green squared line) and the breakdown of the arc as confirmations of a downtrend.
Comment:
If the cloud is broken upwards, above the top. It will likely re-test support at the top of the cloud. If support is found, the long could remain open.
- Bryan G.